Branding is the key in today’s economy. It is no longer just about the product you produce but how you present the entire package is very essential for economic success. There is a need to establish relations with the customer base. Branding means different things to different people. It is something like the feel good factor of any commodity.
A Strong brand can protect a business against competitive attacks, Market fluctuations and price wars more so in the times of economic uncertainties. Branding also involves customer relationship management.
There are various types of customer. They can be classified typically into groups. Group A Customers are the ones which make frivolous purchases and invest a lot of money. They are probably just 1 percent of the entire customer base. Group B customers are those who don’t buy as often as Group A customers but are slow and steady buyers. Group C are those who haven’t really made any purchase but are probably more of friends. They are important customers because they can anytime convert to Block B or A customer. Group D customer are the ones who may bring about minimal gains but consume considerable amount of time. Even though they are least productive type of customers not all of them can be got rid of. Some of them have potential of moving up the block and becoming group B customers. They could also end up being customers of a competitor brand if not taken care of. Group E are the ex- customer. Their feedback is very important improving and betterment of the product, services etc.
For a planning a promotion for branding first of all the target audience must be identified. After a through brainstorming the creative idea needs to be conceptualized and executed with extreme deliberation. The branding can be done across various media like print, press, TV, hoardings etc. The intention should be to catch the audience attention and propagate information about the product.
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